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India's annual growth slows to 7.1%

India's growth slowed to 7.1 per cent last year, according to official data released Wednesday, weaker than analysts expected but still the fastest rate of any major economy.

PHOTO: BLOOMBERG

[New Delhi] India's growth slowed to 7.1 per cent last year, according to official data released Wednesday, weaker than analysts expected but still the fastest rate of any major economy.

GDP growth for the 12 months ended March 31 was well below a revised figure of eight percent for the previous year, and follows the government's shock move last November to ban most of the currency in circulation.

"This is a sharper deterioration than what I expected," Ashutosh Datar, economist at IIFL Institutional Equities, told AFP.

"The fourth quarter (6.1 per cent) is a bit weaker than what I expected."